An estate plan – 5 essential areas for everyone

Completing a thorough estate planning review is crucial for your peace of mind as well as the comfort and well-being of loved ones.

It is also much more than just making a Will.

From super to trusts and power of attorney, there are many aspects to consider when completing your estate plan. The following list will help you understand whether your estate plan is in order:

Family

  • Have you had children or grandchildren?
  • If you have had children — do you need to nominate a guardian if something should happen to you?
  • Have you married, remarried, entered into a relationship or divorced?

 Beneficiaries

  • Do you have beneficiaries in your Will that you no longer wish to provide for or who have passed away?
  • Do any of the beneficiaries in your Will have special needs?

Estate administration

  • Is the executor nominated in your Will still appropriate? If you have a complex family structure such as a blended family, a self-managed super fund or a family trust it is important that they are independent and impartial.

Trusts and funds

  • Do you want to make a gift to a charitable organisation?
  • Do you want to provide an education fund for your children or grandchildren?
  • Are you worried that anything you leave to your children may end up going to their spouse in the event of a relationship breakdown? There are ways you can protect your assets by establishing a testamentary trust in your Will.

Legal documents

  • Do you have the correct legal documents in place to nominate someone you trust to look after your financial affairs, make lifestyle and medical decisions on your behalf if you’re unable to?

If you’re concerned about any of the points above, it’s time to review your estate plan. We’re here to help so call Omnis Group in Perth on 08 9380 3555.

Source: Australian Executor Trustees

Disclaimer: This article is for information purpose only and does not constitute advice and does not take into account any of your objectives, financial situation or needs. Before you make a decision about whether to acquire a financial product, you should obtain and read the product disclosure statement. NEO Financial Solutions: AFSL 385845 ABN 64 141 607 098

Leave a Reply

Your email address will not be published. Required fields are marked *